As per Section- 2(35) ‘dividend includes interim dividend’ signifies that the provisions of Companies Act 2013, applicable to the final dividend to the extent possible, shall also applicable on interim dividend. As the word “interim” means “relating to less than a full year’s business activity” so the dividend declared in the middle or before the […]
On the occasion of Dhanteras, FM has announced an Atmanirbhar Bharat Package 3 for over Rs. 2.65 lakh crores. A Demand Booster has been announced for the Real Estate Sector by giving Tax relief for the Developers & Home Buyers under the Income Tax Act.
Based on the brilliant lecture on the above subject by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – November 6, 2020 – at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM, the following article traces its origin. It has been drawn from the RBI web site as under: https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1101 Though […]
Last week saw a drive launched against the entire network of GST evaders including a few tax professionals. It includes all those who have been creating, supporting, servicing and advising fraudsters in setting up a web of fake companies to engage in bogus circular trading. Passing on ITC in contravention of law results in harming businesses.
Supreme Court has stayed the Gujarat High Court decision in the case of Kushal Ltd. v. Union of India, wherein the High Court had set aside the provisional attachment of the bank account of the assessee observing that there was absence of pendency of any proceedings under Section 62, 63, 64, 67, 73 or 74 of the CGST Act, 2017.
Value of the goods declared in the GST invoice and the value in the corresponding shipping bill / bill of export should be examined and the lower of the two values should be sanctioned as refund. ‘Moreover, it has been specifically clarified in the Circular dated 15th March, 2018 that the clarification given in the, circular applies to exports made on or after 1st July 2017.
The issue under consideration is whether to acquire jurisdiction under section 153C is it require that the seized documents must be incriminating and must relate to the assessment year whose assessment were sought to be reopened?
DCIT Vs Alok Industries Limited (ITAT Mumbai) Issue raised is with respect to disallowance under Section 36(1)(iii) of the Act. The Revenue contends that assessee did not have adequate interest free funds, and that assessee could not establish commercial expediency. The disallowance in this regard has been done on the same reasoning as in the […]
Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020 1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in […]
The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount […]
